After PNB, Union Bank and Dena Bank reduce MCLR rates

State-run lenders Union Bank of India and Dena Bank on Friday reduced their marginal cost of lending rates across various tenors with effect from September 1.

Mumbai: State-run lenders Union Bank of India and Dena Bank on Friday reduced their marginal cost of lending rates across various tenors with effect from September 1.

Union Bank has cut its MCLR by 20 basis points across all tenors.

The new one-year MCLR has been set at 8.20 per cent as against 8.40 per cent earlier, Union Bank said in a statement.

Six-month MCLR has been cut to 8.05 per cent while two and three years lending rates have been reduced to 8.25 per cent and 8.30 per cent, respectively.

Dena Bank has reduced MCLR by 15 basis points across one year, six months, three months and one month.

It has fixed its one-year MCLR rate at 8.40 per cent from 8.55 per cent, the bank said.

The city-based lender has revised downwards its overnight MCLR at 8.20 per cent while the one-month period rate has been fixed at 8.20 per cent.

For three months period, MCLR has been fixed at 8.30 per cent.

Earlier on Thursday, Punjab National Bank (PNB) reduced its base rate by 20 basis points (bps) to 9.15 per cent. The lender also slashed its marginal cost of funds-based lending rates (MCLRs) by between 20 bps and 25 bps across tenures. The one-year MCLR at PNB now stands at 8.15 per cent, down from 8.35 per cent earlier.

Besides, it had reduced the MCLR by 0.20% on one- month, three-month and six months maturities to 7.90%, 8%, and 8.10% respectively. It has also reduced the MCLR by 0.20% on one- year, three years and five years maturities to 8.15%, 8.30%, and 8.45% respectively.

After PNB, Union Bank and Dena Bank reduce MCLR ratesDescription:State-run lenders Union Bank of India and Dena Bank on Friday reduced their marginal cost of lending rates across various tenors with effect from September 1.Times Now